Fiera Milano

Investor Presentation • May 8, 2019

FIERA MILANO GROUP 1 st Quarter 2019 Consolidated Results

CONFERENCE CALL – 8 May 2019

Highlights

Financial Results

Business outlook

HIGHLIGHTS

In the first quarter 2019, a positive business performance, in line with expectations and far higher than the 2017 comparable year, significantly offset the less favourable exhibition calendar of the period

• Net exhibition space occupied in Italy: 478,450 square metres (30% from directly organised exhibitions), compared to 530,315 square metres in 1Q18
• 1Q19 Consolidated quarterly revenues of Euro 71.0 million (Euro 77.3 million in 1Q18)
• 1Q19 consolidated EBITDA: Euro 29.0 million (Euro 19.7 million in 1Q18)
• 1Q19 consolidated EBIT: Euro 17.5 million (Euro 18.2 million in 1Q18)
• Consolidated profit before tax: Euro 14.1 million (Euro 18.1 million in 1Q18)
• Consolidated net cash (pre-IFRS 16): Euro 60.1 million (Euro 23.7 million at 31 December 2018)

Income statement and statement of financial position figures for the first quarter 2019 included the effects of the new accounting standard IFRS 16 – Leases

EVENT AFTER THE END OF THE PERIOD

• Today Fiera Milano and the Controlling Shareholder Fondazione Fiera Milano, owner of the exhibition sites, reached an agreement on the rental fee of the fieramilanocity exhibition site
• The rental fee will be reduced by Euro 1.5 million a year, on the current rental fee of Euro 2.9 million a year, starting from 1 June 2019
• All the other terms of the rental contract remain unchanged

• As of 1 January 2019, the new IFRS 16 Leases accounting standard eliminates the distinction between operating leases and finance leases for a lessee
• As allowed by the standard, the comparative periods have not been restated (modified retrospective approach)

ITALIAN EXHIBITIONS

Net sq. metres of exhibition space

Exhibitions	1Q19	1Q18
Directly organised	93,050	115,360
Organised by 3rd parties	278,310	284,145
Total annual exhibitions	371,360	399,505
Directly organised	51,150	-
Organised by 3rd parties	45,935	118,855
Total biennial exhibitions	97,085	118,855
Total exhibitions	468,445	518,360
Congresses with related exhibition area	10,005	11,955
Total	478,450	530,315

• Presence of the biennial exhibitions Made Expo and Transpotec & Logitec that only partially offset the absence of Mostra Convegno Expocomfort

ITALIAN EXHIBITION BUSINESS

Italian Exhibition Business	1Q19	1Q18
Revenues (€m)	63.0	69.8
EBITDA (€m)	24.6	18.2
% on revenues	39.1%	26.0%
EBIT (€m)	14.5	17.2
% on revenues	23.1%	24.6%

• The trend of revenues is mainly attributable to the exhibition calendar
• The trend of EBITDA is primarily related to the IFRS 16 effect (Euro 11.1 million) and to the good commercial performance that has mostly compensated the effects of the less favorable exhibition calendar in the quarter under review

FOREIGN EXHIBITION BUSINESS

1 P

Foreign Exhibition Business	1Q19	1Q18
Revenues (€m)	0.8	0.9
EBITDA (€m)	2.3	1.8
% on revenues	286.5%	199.9%
EBIT (€m)	2.2	1.7
% on revenues	271.8%	188.5%

• 4 exhibitions (unchanged compared to 1Q18) and 95,410 net square metres of exhibition space occupied in 1Q19 (97,845 square metres in 1Q18)
• The trend in revenues reflected the exhibition calendar
• Margins benefitted from the higher results of the Chinese joint venture

Media	1Q19	1Q18
Revenues (€m)	2.7	2.9
EBITDA (€m)	0.3	0.1
% on revenues	9.5%	2.8%
EBIT (€m)	0.2	0.0
% on revenues	7.3%	0.5%

• The trend in revenues was mainly attributable to lower billboard advertising because of the different exhibition calendar
• The improvement of margins was mainly due to the optimization of production of technical publications

CONGRESSES

Congresses	1Q19	1Q18
Revenues (€m)	6.9	6.5
EBITDA (€m)	1.8	(0.4)
% on revenues	25.7%	-5.5%
EBIT (€m)	0.6	(0.7)
% on revenues	8.7%	-10.8%

• The year-on-year increase in quarterly revenues reflected the presence of important international congresses and conventions
• EBITDA benefitted from the IFRS 16 effect (Euro 1.0 million) and the improvement of revenues

NET FINANCIAL POSITION

Consolidated Net Financial Position (€m)	31/03/19	31/12/18
Cash & cash equivalents	61.1	28.4
Current financial assets	2.1	0.0
Current bank borrowings	0.0	0.0
Current portion of non-current debt	2.5	3.5
Other current financial liabilities	0.6	1.3
Current financial debt	3.1	4.8
Net current financial debt (cash)	(60.1)	(23.6)
Non-current financial assets	0.1	0.1
Non-current financial debt	(0.1)	(0.1)
Net financial debt (cash) before IFRS 16 effects	(60.1)	(23.7)
IFRS 16 financial effects	514.0	0.0
Net financial debt/(cash) after IFRS 16 effects	453.8	(23.7)

The improvement of the net financial position pre-IFRS16 is attributable to the positive cash flow in the quarter and the positive change in cash flows arising from net working capital, principally as a result of advances for exhibitions that are

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Business outlook

BUSINESS OUTLOOK

The positive performance of operations, also supported by the results of the exhibitions held in Italy after the end of the quarter, made it possible to confirm the EBITDA target in the range of Euro 84-88 million for the whole 2019

FORWARD-LOOKING STATEMENT

Data and information herewith set forth are extracted from the press release relating to Fiera Milano Consolidated Interim Management Report to 31 March 2019 filed with the Italian authorities regulating exchanges and securities and disseminated concomitantly with this presentation.

This document has been prepared by Fiera Milano SpA solely for information purposes and for use in presentations of the Group. The information contained herein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the company, its affiliates, or its representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

This document includes forward-looking statements. These forward-looking statements express current expectations and projections about future events, involve predictions and are subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based. Prospective investors are cautioned not to place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in many cases, beyond our control. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed in this document might not occur and no assurance can be given that the anticipated results will be achieved. Actual events or results may differ materially as a results of risks and uncertainties facing Fiera Milano and its subsidiaries. Such risks and uncertainties include, but are not limited to increased competition and regulatory, legislative and judicial developments that could cause actual results to vary materially from future results indicated, expressed or implied in such forward-looking statements. Moreover, any statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future.

This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

The Manager responsible for preparing the company's financial reports Marco Pacini declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this document corresponds to the document results, books and accounting records.

For further information, please contact: Investor Relations Department Tel +39 02.4997.7816/7911 email: investor.relations@fieramilano.it

Fiera Milano SpA S.S. del Sempione 28 20017 Rho (Milano) - Italia www.fieramilano.it

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FINANCIAL OVERVIEW – INCOME STATEMENT

Consolidated Income Statement (€m)	1Q19	1Q18
Revenues	71.0	77.3
Cost of materials	0.6	0.8
Cost of services	29.7	32.8
Costs for use of 3rd-party assets	0.2	12.4
Personnel expenses	12.8	12.8
Other operating expenses	1.3	1.1
Total operating costs	44.7	59.9
Other income	0.5	0.9
Results of equity-accounted companies	2.3	1.6
Allowance for doubtful accounts and other provisions	0.2	0.1
EBITDA	29.0	19.7
Depreciation and amortisation	11.5	1.5
Adjustments to asset values	0.0	0.0
EBIT	17.5	18.2
Financial income/(expenses)	(3.5)	(0.1)
Profit/loss before income tax	14.1	18.1
of which attributable to Shareholders of the controlling entity	14.1	18.2

FINANCIAL OVERVIEW – STATEMENT OF FINANCIAL POSITION

Consolidated Statement of Financial Position (€m)	31/03/19	31/12/18
Non-current assets	664.9	148.4
Net working capital	(97.6)	(73.1)
Gross capital employed	567.3	75.3
Non-current liabilities	16.8	16.9
Total net capital employed	550.5	58.4
Equity	96.6	82.1
Net financial position	453.8	(23.7)
Equity and net financial position	550.5	58.4